The Entrepreneur’s Source Terry Powell on Why Franchising Is a Great Fit for Millennials
The Entrepreneur’s Source Terry Powell on Why Franchising Is a Great Fit for Millennials The Millennial generation – 1980 and the mid-2000s – just surpassed all other generations by becoming the largest generation in the U.S. workforce, the Pew Research Center reported. However, today’s Millennials face a hypercompetitive and oversaturated job landscape paired with carrying record high student loan debt. Although many Millennials look to work your standard 9-5 corporate job, The Entrepreneur’s Source franchise urges individuals of this generation to consider the unique benefits of franchising. “Millennials are often cited as change agents — they want flexible hours and meaningful work and strive to enter into leadership roles early in their careers,” founder of The Entrepreneur’s Source Terry Powell said. “Franchising is a great way for this young and ambitious generation to get the work experience they want, while also earning the money they need to pay off their record-high student loan debt.” Today, The Entrepreneur’s Source reviews four reasons why franchising is a good alternative career route specifically for the Millennial generation.
- Flexibility: Millennials expect a greater sense of work-life balance compared to other generations. Millennials want their employers to be flexible in their work hours and stray from the typical 9-5 schedule, but not all workplaces are willing to compromise. When you become a franchisee, you virtually become your own boss and have total control over creating your work schedule. With the vast array of franchise concepts out there, many brands offer atypical business hours and schedule and even seasonal business opportunities. Franchising can provide the workplace flexibility that Millennials are looking for.
- Education: As a college education is increasingly becoming more important to attain to maintain a middle-class lifestyle, Millennials are more educated than other generations. Franchising can give Millennials the opportunity to put their degree to use with the security of support systems in place. With a willingness to continually learn paired with the determination to run their business, franchise brands set even the youngest of franchisees up for success.
- Varied Investment Cost: Some Millennials are lucky enough to receive the financial help from their Baby Boomer parents when investing in a new franchise, but not all Millennials are this fortunate due to their crippling student loan debt or limited funds. In franchising, there are hundreds of different franchise brands out there that come with a wide range of start-up costs. Some home-based or business-to-business franchises can cost as low as $10,000, a perhaps more affordable business compared to others.
- Unlimited Earnings Potential: In most corporate employee structures, a worker can only climb the corporate ladder so far and receive a fixed or limited earnings potential. With franchise ownership, this isn’t the case because almost any franchise concept can be grown to the next level. Many franchisees start as a single unit operator and as they get the hang of running their business they become a multi-unit franchisee. When it comes to growth and earnings potential in franchising, the sky truly is the limit.
What if your next career move isn’t a promotion? Visit FranMatch.com. Franchise ownership is one of the best ways to transition into entrepreneurship because the system is already built for you… a more structured track with less risk and fewer surprises. Becoming a franchisee offers an opportunity to run your own business while building off the success of a proven business. Go through this easy five-step process today and your coach will share with you three possible franchises that match your desires and investment range.